Arizona Laws 43-1101. Definitions
In this chapter, unless the context otherwise requires:
Terms Used In Arizona Laws 43-1101
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means a corporation, joint stock company, bank, insurance company, business trust or so-called "Massachusetts trust" investment company or building and loan association and any other association whether incorporated or unincorporated. See Arizona Laws 43-104
- Domestic corporation: means a corporation created or organized in the United States or under the laws of the United States or of any state of the United States or the District of Columbia. See Arizona Laws 43-1101
- Federal taxable income: means the taxable income of a corporation computed pursuant to the internal revenue code. See Arizona Laws 43-1101
- Property: includes both real and personal property. See Arizona Laws 1-215
- Taxable year: means :
(a) The calendar year or the fiscal year, ending during such calendar year, on the basis of which the taxable income is computed under this title. See Arizona Laws 43-104
- Trade or business: includes the performance of the functions of a public office. See Arizona Laws 43-104
- United States: when used in a geographical sense, includes the states, the District of Columbia and the possessions of the United States. See Arizona Laws 43-104
1. "Arizona gross income" of a corporation means its federal taxable income for the taxable year.
2. "Arizona taxable income" of a corporation means its Arizona gross income adjusted by the modifications specified in article 3 of this chapter.
3. "Domestic corporation" means a corporation created or organized in the United States or under the laws of the United States or of any state of the United States or the District of Columbia.
4. "Federal taxable income" means the taxable income of a corporation computed pursuant to the internal revenue code.
5. "Foreign corporation" means any of the following:
(a) A corporation which is not a domestic corporation.
(b) A domestic corporation with less than twenty per cent of its property, payroll and sales in the United States for the three year period ending with the close of the taxable year of the corporation preceding the current taxable year, or for such part of that period as the corporation has been in existence.
(c) A domestic corporation that has derived eighty per cent or more of its federal gross income for the three year period immediately preceding the close of the taxable year, or for such part of that period as the corporation has been in existence, from sources in the Commonwealth of Puerto Rico or any other possession of the United States except the Virgin Islands if sixty per cent, for taxable years beginning in calendar year 1984, or sixty-five per cent, for taxable years beginning after calendar year 1984, or more of the domestic corporation’s federal gross income for that period, or part of that period as the corporation has been in existence, was derived from the active conduct of a trade or business in the Commonwealth of Puerto Rico or any other possession of the United States except the Virgin Islands.
6. "Net income" means Arizona taxable income.
7. "Person" and "taxpayer" means a corporation.